I heard their advertisement on the radio and called in to answer a trivia question to get a free coin and was then subjected to an onslaught of obnoxious telemarketing phone calls - 5 or 6 a day. Then I came to find out they don't give you a free coin for answering the question - they just use it to get your phone number for the sake of marketing you. They only give the coin to qualified investors ???

Ultimately, i did speak with one of their reps, an Anthony Miller, who claimed I could buy gold from him at spot IF I used leverage. He quoted leverage leverage leverage even though i only wanted a couple grand worth of bullion. And he refused to discuss fees no matter how many times i asked. He also said that there were no margin calls everytime i asked about downside protection. I asked if he was licensed and he said yes (a statement he later retracted). He played up the growth their clients are seeing in their accounts so i told him he to send me a package just to get him off the phone. When i looked at the package i saw their fees. They were 15% of your purchase price - how am I supposed to make a profit if I am being charged 15% on my purchase - it will take a WHOLE YEAR JUST TO MAKE UP WHAT I PAY IN COMMISSION. Then he promised me to charge me less and cut that amount in half and that that was just the maximum so he puts me on a confirmation line with his compliance department and this very young woman tells me his fee was indeed 12%. I'm not a Rhodes Scholar but 12% is not 1/2 of 15%. I also found out that the fee was on all the metal purchased so if i leverage out my 10, 000 investment times 3 - my fee would be 36% of what i purchase which is even higher than Gold Line or some of the other rip off firms that are out there. 36%. It would take 3 years for me to make back that commission and I'm still exposed to a great deal of risk with his leverage. Meaning - if i invest 10, 000 - i would only be left with $6400 in equity leveraged up to 30, 000 - so if gold dropped from it's all time high of 1450 just 10% I would lose half my remaining equity - which would leave me with 1/4 of my initial investment - a FOURTH!!! And if i had been dumb enough to let him charge me 15% my equity would have at 55% just to get started.

When i asked for his license information he said he didn't have any and grew very irate. He lost his temper with me in a way you never should with a customer or a client. I then had a friend at Credit Suisse to some research on him and his firm and neither he nor his firm is listed on FINRA.org. They are not a legitamate investment firm.

Leland National Gold Exchange is a scam - avoid them at all costs.

All anyone at this firm cares about is their commission. Unless you are dumb enough to thnk gold will hit 5, 000 and silver will be at 150 an ounce avoid them at all costs.

I would post my name to this complaint, but I am afraid they Mr. Miller will seek retribution. He was insanely irate when i canceled my trade with his firm. He's harrased me enough. If you want to see other stories of people who've been ruined by Leland Gold there are several other ripoff reports posted about them.

http://www.ripoffreport.com/brokerage-companies/leland-national-gold/leland-national-gold-leland-na-e4974.htm

This report is just one of many that I found. If you want to legitamately purchase precious metals go to www.goldshark.com or www.fidelitrade.com to do so.